Connecticut PSI Practice Questions Part 1
UPDATED Exam Questions and CORRECT
Answers
Connecticut licensing law recognizes the following listing agreements:
(a) Exclusive right to sell, exclusive agency, open listing
(b) Exclusive right to sell, exclusive agency, open listing, MLS
(c) Exclusive right to sell, exclusive agency, open listing, net listing
(d) Exclusive right to sell, exclusive agency, open listing, MLS, net listing. - CORRECT
ANSWER - Connecticut licensing law recognizes the following listing agreements:
(a) Exclusive right to sell, exclusive agency, open listing
- Connecticut licensing law recognizes exclusive right to sell, exclusive agency, and open
listings. MLS is a service where agents pool their listings. Net listings are illegal in Connecticut.
Sharon Buyer called Agent Michael to view his listing on Monroe Street. Sharon does not have
an agent. Michael provides a written Agency Disclosure Notice to Sharon stating that he
represents the seller.
(a) Before showing the house, Michael must have Sharon sign an agency agreement.
(b) Before Sharon views the property, she must sign a duel agency agreement.
(c) Sharon is not required to sign any agency agreement prior to viewing the property.
(d) Sharon must sign a purchase agreement prior to viewing the property - CORRECT
ANSWER - Sharon Buyer called Agent Michael to view his listing on Monroe Street.
Sharon does not have an agent. Michael provides a written Agency Disclosure Notice to Sharon
stating that he represents the seller.
(c) Sharon is not required to sign any agency agreement prior to viewing the property.
- Sharon is not required to enter into an agency agreement to see this listed property, because the
property she is viewing is an in-house listing with Michael and his firm. Michael has provided
her with a written agency disclosure notice. If Sharon proceeds and purchases this property, she
will most likely be an unrepresented party.
,A buyer finds and purchases a for-sale-by-owner home. A broker states an entitlement to a
brokerage fee. For this to be the case, the buyer would have entered into which type of buyer-
broker agreement with the broker?
(a) Exclusive agency right to represent buyer
(b) Open right to represent the buyer
(c) Nonexclusive right to represent buyer
(d) Universal agency right to represent buyer - CORRECT ANSWER - A buyer finds and
purchases a for-sale-by-owner home. A broker states an entitlement to a brokerage fee. For this to
be the case, the buyer would have entered into which type of buyer-broker agreement with the
broker?
(a) Exclusive agency right to represent buyer
- The buyer has most likely signed an exclusive agency agreement where the buyer is obligated
to pay the buyer's broker and commission agreed on in the buyer agency agreement, regardless of
how the buyer found the property.
A licensee can do all the following without entering into a written buyer agency agreement
EXCEPT:
(a) Give the buyer information on the licensee's firm.
(b) Provide the buyer with information on the licensee's firm.
(c) Physically show the buyer in-house listings.
(d) Ask the buyer to disclose his or her confidential information. - CORRECT ANSWER -
A licensee can do all the following without entering into a written buyer agency agreement
EXCEPT:
(d) Ask the buyer to disclose his or her confidential information.
- A licensee cannot ask about confidential information unless a written buyer agency is entered
into, or the licensee is going to represent the sell and has presented the buyer with the required
agency disclosure notice stating that the licensee represents the seller.
Under Connecticut licensing law, brokers and agents have to disclosure a present or
contemplated interest in a property listed with them:
(a) Only when executing a buyer's broker agreement
(b) If they are contemplating purchasing the property for the own account
(c) Only when a buyer decides to make an offer
,(d) In the listing agreement and in any advertisements - CORRECT ANSWER - Under
Connecticut licensing law, brokers and agents have to disclosure a present or contemplated
interest in a property listed with them:
(b) If they are contemplating purchasing the property for the own account
- If the broker or agent has a present or contemplated interest in the property the broker has
listed, the broker or agent must disclosure that interest to the buyer.
Which statement is TRUE under Connecticut law?
(a) Net listings are recognized as listings
(b) A broker can accept a net listing if all funds over the stated brokerage fee are received as a
bonus instead of a commission
(c) Connecticut license laws provide that licensed brokers may not accept a listing that is based
on a "net" price
(d) Net listings require the consent of the seller, buyer and real estate licensee - CORRECT
ANSWER - Which statement is TRUE under Connecticut law?
(c) Connecticut license laws provide that licensed brokers may not accept a listing that is based
on a "net" price
- Net listings are illegal under Connecticut license law.
Under Connecticut law, real estate brokers are required to retain certain brokerage records such
as offers and counteroffers drafted by the brokers office, contracts, leases, agency agreements
and disclosures, escrow and trust account check , and bank statements. These records must be
kept:
(a) Ten years
(b) Indefinitely by the broker
(c) Five years
(d) Seven years - CORRECT ANSWER - Under Connecticut law, real estate brokers are
required to retain certain brokerage records such as offers and counteroffers drafted by the
brokers office, contracts, leases, agency agreements and disclosures, escrow and trust account
check , and bank statements. These records must be kept:
(d) Seven years
- Records must be kept for seven years. Records include transactions that did not close and
buyer agency agreements where the buyer never purchased.
, The time required for acquisition of prospective easements is:
(a) 10 years
(b) 5 years
(c) 15 years
(d) 20 years - CORRECT ANSWER - The time required for acquisition of prospective
easements is:
(c) 15 years
- The time required for perspective easements is 15 years.
An easement by prescription may be extinguished if the owner takes, obtains, or regains an open
and continuous control and possession of the property for:
(a) 15 years
(b) 23 months
(c) 10 years
(d) 25 years - CORRECT ANSWER - An easement by prescription may be extinguished if
the owner takes, obtains, or regains an open and continuous control and possession of the
property for:
(a) 15 years
- An easement by prescription may be extinguished if the owner of the property on which the
easement has been takes, obtains, or regains open and continuous control and possession of the
property for the prescriptive period of 15 years.
A couple were married on July 4, 2007. Both individually owned a condominium prior to their
marriage in their own name. They decided to keep the condominium units separate. Once they
are married in Connecticut, their former properties will:
(a) Be owned as tenancy by the entirety
(b) Be owned with survivorship
(c) Become community property
(d) Remain as separate interests - CORRECT ANSWER - A couple were married on July
4, 2007. Both individually owned a condominium prior to their marriage in their own name.
UPDATED Exam Questions and CORRECT
Answers
Connecticut licensing law recognizes the following listing agreements:
(a) Exclusive right to sell, exclusive agency, open listing
(b) Exclusive right to sell, exclusive agency, open listing, MLS
(c) Exclusive right to sell, exclusive agency, open listing, net listing
(d) Exclusive right to sell, exclusive agency, open listing, MLS, net listing. - CORRECT
ANSWER - Connecticut licensing law recognizes the following listing agreements:
(a) Exclusive right to sell, exclusive agency, open listing
- Connecticut licensing law recognizes exclusive right to sell, exclusive agency, and open
listings. MLS is a service where agents pool their listings. Net listings are illegal in Connecticut.
Sharon Buyer called Agent Michael to view his listing on Monroe Street. Sharon does not have
an agent. Michael provides a written Agency Disclosure Notice to Sharon stating that he
represents the seller.
(a) Before showing the house, Michael must have Sharon sign an agency agreement.
(b) Before Sharon views the property, she must sign a duel agency agreement.
(c) Sharon is not required to sign any agency agreement prior to viewing the property.
(d) Sharon must sign a purchase agreement prior to viewing the property - CORRECT
ANSWER - Sharon Buyer called Agent Michael to view his listing on Monroe Street.
Sharon does not have an agent. Michael provides a written Agency Disclosure Notice to Sharon
stating that he represents the seller.
(c) Sharon is not required to sign any agency agreement prior to viewing the property.
- Sharon is not required to enter into an agency agreement to see this listed property, because the
property she is viewing is an in-house listing with Michael and his firm. Michael has provided
her with a written agency disclosure notice. If Sharon proceeds and purchases this property, she
will most likely be an unrepresented party.
,A buyer finds and purchases a for-sale-by-owner home. A broker states an entitlement to a
brokerage fee. For this to be the case, the buyer would have entered into which type of buyer-
broker agreement with the broker?
(a) Exclusive agency right to represent buyer
(b) Open right to represent the buyer
(c) Nonexclusive right to represent buyer
(d) Universal agency right to represent buyer - CORRECT ANSWER - A buyer finds and
purchases a for-sale-by-owner home. A broker states an entitlement to a brokerage fee. For this to
be the case, the buyer would have entered into which type of buyer-broker agreement with the
broker?
(a) Exclusive agency right to represent buyer
- The buyer has most likely signed an exclusive agency agreement where the buyer is obligated
to pay the buyer's broker and commission agreed on in the buyer agency agreement, regardless of
how the buyer found the property.
A licensee can do all the following without entering into a written buyer agency agreement
EXCEPT:
(a) Give the buyer information on the licensee's firm.
(b) Provide the buyer with information on the licensee's firm.
(c) Physically show the buyer in-house listings.
(d) Ask the buyer to disclose his or her confidential information. - CORRECT ANSWER -
A licensee can do all the following without entering into a written buyer agency agreement
EXCEPT:
(d) Ask the buyer to disclose his or her confidential information.
- A licensee cannot ask about confidential information unless a written buyer agency is entered
into, or the licensee is going to represent the sell and has presented the buyer with the required
agency disclosure notice stating that the licensee represents the seller.
Under Connecticut licensing law, brokers and agents have to disclosure a present or
contemplated interest in a property listed with them:
(a) Only when executing a buyer's broker agreement
(b) If they are contemplating purchasing the property for the own account
(c) Only when a buyer decides to make an offer
,(d) In the listing agreement and in any advertisements - CORRECT ANSWER - Under
Connecticut licensing law, brokers and agents have to disclosure a present or contemplated
interest in a property listed with them:
(b) If they are contemplating purchasing the property for the own account
- If the broker or agent has a present or contemplated interest in the property the broker has
listed, the broker or agent must disclosure that interest to the buyer.
Which statement is TRUE under Connecticut law?
(a) Net listings are recognized as listings
(b) A broker can accept a net listing if all funds over the stated brokerage fee are received as a
bonus instead of a commission
(c) Connecticut license laws provide that licensed brokers may not accept a listing that is based
on a "net" price
(d) Net listings require the consent of the seller, buyer and real estate licensee - CORRECT
ANSWER - Which statement is TRUE under Connecticut law?
(c) Connecticut license laws provide that licensed brokers may not accept a listing that is based
on a "net" price
- Net listings are illegal under Connecticut license law.
Under Connecticut law, real estate brokers are required to retain certain brokerage records such
as offers and counteroffers drafted by the brokers office, contracts, leases, agency agreements
and disclosures, escrow and trust account check , and bank statements. These records must be
kept:
(a) Ten years
(b) Indefinitely by the broker
(c) Five years
(d) Seven years - CORRECT ANSWER - Under Connecticut law, real estate brokers are
required to retain certain brokerage records such as offers and counteroffers drafted by the
brokers office, contracts, leases, agency agreements and disclosures, escrow and trust account
check , and bank statements. These records must be kept:
(d) Seven years
- Records must be kept for seven years. Records include transactions that did not close and
buyer agency agreements where the buyer never purchased.
, The time required for acquisition of prospective easements is:
(a) 10 years
(b) 5 years
(c) 15 years
(d) 20 years - CORRECT ANSWER - The time required for acquisition of prospective
easements is:
(c) 15 years
- The time required for perspective easements is 15 years.
An easement by prescription may be extinguished if the owner takes, obtains, or regains an open
and continuous control and possession of the property for:
(a) 15 years
(b) 23 months
(c) 10 years
(d) 25 years - CORRECT ANSWER - An easement by prescription may be extinguished if
the owner takes, obtains, or regains an open and continuous control and possession of the
property for:
(a) 15 years
- An easement by prescription may be extinguished if the owner of the property on which the
easement has been takes, obtains, or regains open and continuous control and possession of the
property for the prescriptive period of 15 years.
A couple were married on July 4, 2007. Both individually owned a condominium prior to their
marriage in their own name. They decided to keep the condominium units separate. Once they
are married in Connecticut, their former properties will:
(a) Be owned as tenancy by the entirety
(b) Be owned with survivorship
(c) Become community property
(d) Remain as separate interests - CORRECT ANSWER - A couple were married on July
4, 2007. Both individually owned a condominium prior to their marriage in their own name.
